Household debt in Canada rose to a new high in the first quarter as consumers continued to take advantage of low interest rates to buy into the housing market, Statistics Canada said Monday.

The ratio of household debt — including mortgages, consumer credit and loans — to personal disposable income increased to 147.3 per cent between January and March, the federal agency said. That surpassed the previous record of 146.2 per cent in the fourth quarter of 2010.

"The increase in household consumer credit debt slowed in the first quarter, as consumer spending on durable goods fell," it said. "Mortgage debt advanced, partly reflecting relatively stable borrowing costs as well as higher housing resale and renovation activities."

Meanwhile, the agency said per capita household net worth was $184,700 in the first quarter, up from $183,300 in the previous three-month period.

Overall, household net worth in Canada was up one per cent to $6.3 trillion in the first quarter, following a 2.4 per cent increase in the previous quarter. "This deceleration was reflected in both financial and non-financial assets," the agency said.

The federal government and the Bank of Canada have urged Canadians to better manage their debt, as interest rates are expected to begin rising again as the economic recovery picks up.